NEWS
Zenith Bank Attains Triple-digit Growth, Records N1.33trn Income in Q3, 2023
By Tony Obiechina, Abuja
Zenith Bank Plc has announced its unaudited results for the third quarter ended 30 September 2023, recording a remarkable triple-digit growth of 114% from N620.6 billion reported in Q3 2022 to N1.33 trillion in Q3 2023. This performance demonstrates the Group’s resilience and strong market share despite a very challenging macroeconomic environment.
According to the bank’s unaudited third quarter financial results presented to the Nigerian Exchange (NGX), the triple-digit growth in the topline also enhanced the bottom line, as the Group recorded a 149% Year on Year (YoY) increase in profit before tax, growing from N202.
5 billion in Q3 2022 to N505 billion in Q3 2023. Profit after tax also grew by 149% from N174.3 billion to N434.2 billion in the same period.The growth in the topline arose from both interest income and non-interest income. Interest income grew in the current period by 72% to N670.9 billion from N390.8 billion in Q3 2022, while non-interest income grew by 186% from N212 billion to N607.2 billion. The growth in profit is similarly attributable to the twin effects of the improvement in interest and non-interest income. Interest income increased because of the growth in risk assets as well as the effective pricing thereon. The non-interest income growth is largely driven by the revaluation gain due to the unification of exchange rates during the year. The cost-to-income ratio reduced from 55.8% in Q3 2022 to 37.8% in the current period. Impairment levels increased due to the deliberate incremental provisions necessitated by the conservative approach towards the heightened risk environment and the creation of a counter-cyclical buffer needed to deal with any impending volatility of exchange rates. This caused the cost of risk to deteriorate from 1.3% in Q3 2022 to 5.5% in Q3 2023, however this is an improvement from Q2 2023 where cost of risk printed at 8.8% because of prudent management of risk assets.
Total assets grew by 48% from N12.3 trillion to N18.2 trillion in the period ended 30 September 2023, mainly driven by growth in customers’ deposits. Customers’ deposits grew by 49% from N8.98 trillion in December 2022 to N13.38 trillion in September 2023. The growth in customers’ deposits cuts across both corporate and retail segments with the savings portfolio (all currencies) growing from N2.7 trillion in December 2022 to N4.6 trillion in September 2023.
Gross loans increased by 48% from N4.1 trillion in December 2022 to N6.1 trillion in September 2023 due to the revaluation of foreign currency denominated loans as well as the growth in local currency loans to strategic and thriving sectors of the economy. The non-performing loan ratio improved to 3.8% in the period ended 30 September 2023, which is well below prudential limits. Net interest margin (NIM) printed at 5.6% from 6.2% reported in September 2022 due to low yield in government securities. Capital adequacy ratio improved marginally to 20.1% from 19.8% while liquidity ratio declined from 75% to 68%. However, all our prudential ratios remain above regulatory thresholds.
The Group is optimistic of finishing the year 2023 strong, with focus on sustainable quick wins that would boost growth across all business segments and enhance stakeholder value.
Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Best Commercial Bank, Nigeria, for three consecutive years from 2021 to 2023, in the World Finance Banking Awards; Best Corporate Governance Bank, Nigeria in the World Finance Corporate Governance Awards 2022 and 2023; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom; Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards.
Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021; Bank of the Year 2023 and Retail Bank of the Year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper, Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.
From Abel Zwanke, Lafia
The Maikaya Development Foundation (MDF) has distributed thousands of exercise books to indigent students in Nasarawa State and renewed its advocacy for inclusive education, urging stakeholders to prioritize access for students living with disabilities in higher institutions.
The official distribution ceremony, which took place at the Faculty of Education, Nasarawa State University, Keffi, brought together student union leaders, academic representatives, and other stakeholders from the education sector. Speaking at the event yesterday, the CEO of of the foundation Dr. Muhammed Maikaya represented by the Operation Manager, Hon. Shuaibu Sani said the gesture was aimed at easing the financial burden on students and encouraging them to remain focused on their academic goals.“This distribution is not just about writing materials, it is a reaffirmation of our belief that every student, regardless of status, deserves the tools and support needed to succeed,” the spokesperson said. “We are committed to ensuring no student is left behind.”Student leaders who spoke during the event expressed deep appreciation to the foundation for its consistent support and investment in the academic wellbeing of students.Comrade Ovey Abimiku, President of the Nasarawa State Students Association (NASSA), “Maikaya Development Foundation continues to show us what it means to be a true partner in education. This is a welcome intervention that will help many students who can’t afford basic learning materials.”Also speaking, Comrade Tabitha Jatau, State Coordinator of the Association of Nigerian Female Students (ANFS), praised the foundation’s longstanding dedication to youth empowerment.“MDF has not only provided these writing materials but has also supported students with scholarship and tuition funds for many years. We are grateful for this rare consistency,” she noted.Recall that weeks earlier, the foundation had supported over 500 students across the state with Education Support Funds to assist with the payment of tuition fees and levies—an annual intervention that has benefitted thousands over the past decade.In addition to its material support, the foundation has continued to advocate for inclusive education policies in the state. During a recent stakeholders’ engagement themed “Breaking Barriers and Promoting People with Special Needs’ Inclusion in Higher Institutions”,Maikaya had called on government and educational institutions to prioritize the rights and needs of students living with disabilities.“The truth is, barriers—both seen and unseen—still prevent many of our brothers and sisters with special needs from accessing quality education,” Maikaya said at the event. “These are not just inconveniences. They are injustices. And they must be corrected.”He recommended several critical steps to advance inclusive education, including accessible infrastructure, adapted learning materials, disability awareness training for academic staff, and policy implementation at all levels.“Inclusive education is not optional, it is essential for real development,” He added. “We have seen the power of what can happen when potential meets opportunity. Now we must ensure that people with disabilities have equal access to those opportunities.”He urged stakeholders, government agencies, private sector actors, NGOs, and civil society groups, to collaborate in making inclusive education a reality in Nasarawa and beyond.“This is not a matter of charity. It is about equity, dignity, and human rights,” the speaker emphasized. Items that were distributed including learning materials, 20, 50kg bags of rice, 20 cartons of Noddles and cash support of 200,000 thousand Naira to students living with disabilities while advocating for inclusion gain tract, educational reform and youth empowerment in Nasarawa State.End
By Johnson Eyiangho, Abuja
Minister of Information and National Orientation, Mohammed Idris has described the death of Dr Leon Usigbe, the Abuja Bureau Chief of the Tribune Newspaper, as a monumental loss to the Newspaper, journalism profession and to the entire nation.The Minister said with the death of Usigbe, Nigeria has lost one of its finest media minds — a man whose intellect, courage, and clarity of purpose earned him the respect of colleagues, government officials, and the public alike.
In condolence message on Saturday, Idris said he received news of the death of Tribune Newspaper Bureau Chief with profound shock and deep sadness.”Dr. Usigbe was an outstanding journalist, a highly cerebral professional, and a shining light within the Nigerian media landscape. His work was defined by integrity, depth, and an unflinching determination to the public good. As a pen-wielding advocate for democracy and national development, he brought intellectual rigour, insight, and balance to his reporting. In him, the Fourth Estate had a true patriot who used his craft to foster accountability and nation-building.”I recall with particular sorrow his eloquent and thought-provoking contributions during the regular Ministerial Press Briefing Sessions convened by the Federal Ministry of Information and National Orientation in Abuja, as well as at the Press Briefings in the Presidential Villa. His interventions consistently elevated the quality of discourse and helped bridge the gap between government and the media — all in service of a more informed and engaged society,” Idris said.On behalf of the Federal Ministry of Information and National Orientation, and himself , the Minister extended his heartfelt condolences to the management and staff of Tribune Newspaper, the government and people of Edo State, where he hailed from, as well as to his family, friends, and professional associates. He prayed the God Almighty to comfort those the late Bureau Chief left behind and to grant them the fortitude to bear the irreplaceable loss, saying “May his soul rest in perfect peace.”
By David Torough, Abuja
Unique Secondary School Makurdi (USSM), a leading private educational institution in Benue State, continues to make significant strides in academic excellence and community impact.
In a bold move to increase accessibility and reward excellence, the school has unveiled a new examination centre in Oju Local Government Area, launched a scholarship scheme for families with multiple children in the school, and honoured a distinguished alumnus, Dr.
Mark Ogbodo, by naming a recreational facility after him.The newly inaugurated Dr. Mark Ogbodo Park was officially commissioned on July 24, during a colourful ceremony held at the school’s New GRA campus in Makurdi.
The event drew an impressive turnout of students, staff, parents, alumni, and dignitaries.
Chairman of Unique Schools and co-founder of USSM, Engr. Felix Atume led the commissioning, describing it as a tribute to dedication and impact.
Dr. Ogbodo, an author and founder of Lydia Memorial Hospital, Ugbokolo, was visibly moved by the honour.
In a social media post after the event, he wrote: “Who am I to deserve this great honour? What impact have I made on USSM? These thoughts flooded my mind as I stood speechless in awe.”
He praised the school leadership, particularly Principal Mr. Samuel Ortsega, and the Parent-Teacher Association (PTA) for the recognition.
Also unveiled at the event was a scholarship programme aimed at easing the financial burden on families with more than one child enrolled at USSM.
The initiative was met with excitement and gratitude from parents in attendance. Furthermore, the newly established Oju exam centre was widely applauded for eliminating the long travel often required for external examinations, especially for students living in remote areas.
Founded on September 1, 1998, by Engr. Atume and Mrs. Juliana Atume, a noted philanthropist, USSM has built a strong reputation for nurturing students through academic rigor and character development.
Originally a day school, it added a boarding facility in 2007 to cater to growing demand. Situated in a serene environment, the school provides a secure and conducive atmosphere for learning.
USSM is part of the larger Unique Schools family, which began with Unique Nursery and Primary School in 1995.
The secondary arm offers a comprehensive curriculum infused with entrepreneurial and vocational training in areas such as catering, fashion, cosmetology, and design—preparing students with practical skills for life beyond the classroom.
The school boasts modern infrastructure, including science laboratories, an ICT centre, a digital library, spacious classrooms, quality boarding facilities, a healthcare unit, and the expansive Engr. Felix Atume Hall. Recreational amenities include courts for basketball, volleyball, tennis, a football pitch, and indoor games like chess and scrabble.
In keeping with global trends, USSM has embraced digital innovations such as an online result-checking system and is planning an enhanced presence on social media.
The school runs a three-term calendar and prepares students for key national examinations including BECE, WAEC, and NECO.
Ambitious plans are underway to launch Unique Technical College, which will focus on technical and vocational education.
As the evening of July 24 transitioned into a celebratory dinner in honour of the 2025 graduating class, guests—including PTA members, parents, alumni, and staff—shared heartfelt goodwill messages. The PTA Chairman described the event as “unparalleled in the school’s history.”
Through initiatives like the Oju centre, new scholarships, and the celebration of alumni impact, Unique Secondary School Makurdi continues to set the benchmark for holistic and community-rooted education in Benue State.
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